Will My House & Car Be Protected If I File Bankruptcy?

Posted almost 4 years ago. Applies to Illinois, 1 helpful vote


Depending upon how much equity or ownership you have in your house or car will determine whether or not you can keep your house or car when filing for Chapter 7 bankruptcy. The state of Illinois allows an exemption of $15,000.00 worth of equity in a house and $2,400.00 worth of equity in a vehicle. Additionally, there is a $4,000.00 wild card exemption that can be placed over personal property.

Additional Resources

Illinois statute on personal property exemptions.

Keeping a Home and Car

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Bankruptcy exemptions

Bankruptcy exemptions are different depending on what chapter you file for, but they can allow you to keep some of your assets or reduce your required payments.

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